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Business

FG to launch policy to prevent smuggling of mineral resources

The FG is working on a Downstream Policy aimed at ensuring the beneficiation of solid minerals before being exported from the country.

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FG to launch policy to prevent smuggling of mineral resources

The Ministry of Mines and Steel Development has said it will work with the Gulf of Guinea Commission to prevent the smuggling of illegally mined solid minerals from Nigeria through Nigeria’s ports and the Gulf of Guinea.

This was disclosed in a statement by the Federal Government on Monday evening, after a meeting between the Minister of Mines and Steel Development, Arc. Olamilekan Adegbite, and a delegation from the Gulf of Guinea Commission, led by Rt. (HON.) John Gaul, who paid him a courtesy visit on December 11, 2020, in Abuja.

READ: Mining to contribute 3.0% to GDP by 2025

Mr. Adegbite disclosed that the FG is working on a Downstream Policy to prevent smuggling.

Adegbite added that the Ministry is willing to support the Commission in all ways possible towards curbing the smuggling of solid minerals through the Gulf of Guinea.

READ: Nigeria’s Mining Sector shows growth prospects, despite low credit provision

Citing policies by the FG to address issues of solid minerals smuggling, the Minister disclosed that the FG is working on a Downstream Policy aimed at ensuring the beneficiation of solid minerals before being exported from the country.

He added that when the policy goes into effect, “the issue of solid minerals smuggling will be drastically reduced.”

READ: 1,759 illegal mining sites operate in Nigeria – Minister of Mines and Steel 

Rt. (Hon) John Gaul, of the Gulf of Guinea Commission said, “the Gulf of Guinea is a huge business hub which can be leveraged on to generate huge revenue for government,” but lamented that most exports of solid minerals through the region are done illegally.

READ: FG decries drop in applications for mining licenses

READ: Foreign investors set to boost Nigeria’s mining sector with $3.32 billion

The Gulf of Guinea Commission was established by the Treaty signed in Libreville, Gabon, on 3rd July 2001 by Angola, Congo, Gabon, Nigeria and Sao Tome and Principe, as an institutional framework for cooperation amongst the countries bordering the Gulf of Guinea, in order to defend their common interest and promote peace and socio-economic development.

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READ: FG inaugurates gold refinery project, boosts smaller-scale mining operations

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What you should know 

Nairametrics reported last month that the Minister of Mines and Steel Development, Olamilekan Adegbite, said the Nigerian Mining sector needs huge funds for exploration projects in the country. He said,

  • “Our focus is now on de-risking the sector, by the provision of more up-to-date and comprehensive data on mineral occurrences in Nigeria and enabling a more investor-friendly environment through favourable incentives.”

READ: AFC to ink $100 million investment deal in Nigeria’s mining sector

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Nairametrics also reported last month that the Federal Government announced the signing of an Express of Interest with La Mancha, a Luxembourg-incorporated private gold development & mining company to begin gold mining operations in Nigeria.

READ: Chinese dominated mining sector adding little or no value – Minister 

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Business

More Nigerians don’t trust government, fear losing jobs more than COVID-19 – Report

The 2021 Edelman Trust Barometer has revealed that Nigerians trust NGOs, businesses more than they trust the government.

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Cross section of Nigerians

A recent survey has revealed that only 24% of Nigerians have trust in the government which is one of the lowest rates in the world. The report also stated that Nigerians have more fear of job losses than Covid-19.

The was revealed in the 21st Edelman Trust Barometer Survey Report on Nigeria unveiled virtually by Edelman and its Exclusive Nigerian Affiliate, Chain Reactions Nigeria, in Lagos on Tuesday, 23 February 2021.

Presenting the 2021 Nigeria findings with the theme: ‘Pandemic’s Ongoing Impact on Trust’, CEO of Edelman Africa, Jordan Rittenberry, noted that Nigerians are looking to civil society organisations and businesses to assist the government in uplifting communities and driving positive change.

The 2021 Edelman Trust Barometer Report revealed that “out of the four institutions of government, business, media and Non-Governmental Organisations (NGOs), Nigerians trust civil society organisations the most, with businesses coming second.” 

Highlights of the survey include:

  • Most Nigerians expressed distrust for the media and returned the lowest trust quotient in the world for government with 24%.
  • Nigerians overwhelmingly placed the highest Trust in their ‘employers’, and in the process revealed their expectations for CEOs and business leaders to be more pro-active in speaking out on societal issues (92%) and driving positive change (79%) rather than wait for government.
  •  Nigerians fear losing their jobs more than they fear coronavirus, with a high degree of vaccine hesitancy revealed, as only 26% expressed readiness to take the COVID-19 vaccine when made available.

Laolu Akande, the Senior Special Assistant on Media to Vice President Yemi Osinbajo said: “Distrust in government is not peculiar to Nigeria. However, the government does have the responsibility to up its game in communication, to demonstrate responsibility and responsiveness.”

Akande cited the acclaimed National Social Intervention Programmes, and the COVID-19 Survival Fund as some evidence of the Muhammadu Buhari administration’s unprecedented responsiveness to Nigerians.

In case you missed it

Nairametrics reported last month that only 68.8% of Nigerians believe Covid-19 is real. While 39.9% of Nigerians say they will take the vaccine, 63.3% are opposed to another lockdown, in a report by SBM Intel

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Business

SEC denies knowledge of Oando shareholder’s court case

SEC has denied ever being served with court processes with respect to the purported matter at the FCT High court.

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unclaimed dividend, SEC restrains fintech company, Chaka from advertising or offering for sale shares

The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.

SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.

It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.

“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”

What you should know

  • On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
  • He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
  • In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.

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